Luxury brands are taking over NFTs

For luxury, NFTs (“non-fungible tokens”) or non-fungible tokens are already a double-trigger weapon. These unique creations enhance the image of the brands and develop a new territory of exclusive expression. But these cryptoassets are also multi-faceted digital items, reinforcing a unique link with the customer as well as the traceability of the product, with certification on the blockchain. Among luxury NFTs, some launches have been spectacular. In the fall of 2021, the Italian Dolce & Gabbana sold nine virtual pieces at a record price. Very coveted, they climbed to 1,885.73 ethereums, then the equivalent of around 4.8 million euros. Since then, the house has redoubled its attention to its NFT community, the “DGfamily”, which it chose to identify itself in mid-February.

Even though Bitcoin has lost half its value, at 30,000 dollars (against 68,000), luxury brands are not giving in to the storm; quite the contrary. The sector’s positions in the metaverse have never been so numerous. Two blockchains occupy the ground, the AURA consortium which includes LVMH (owner of “Echos”), Prada, Richemont and the OTB group, and the French alliance Arianee.

Unique works

Making a difference by partnering with a digital artist is a fundamental trend for major brands like Prada, Givenchy or Gucci. Kering’s flagship brand, which first invested in the virtual world of gaming (games) like Louis Vuitton, launched in May 2021 in the NFT. She offered a unique artistic work as part of a charity sale. Then moved up a gear last February by suddenly launching 10 NFTs designed with the American brand Superplastic. The project entitled Supergucci is a concept of unique works for collectors combining object and NFT in an ultra-limited edition. It was born from the association of the artistic director of Gucci, Alessandro Michele, and two artists presented as “synthetic”, Janky & Guggimon.

Hublot and Murakami NFTs

Anyone who gets into cryptocurrency also thinks about other developments in the metaverse. Thus, TAG Heuer is considering ambitious projects in the worlds of Web3. Hublot is already in the race against time for NFT launches that make a difference, by collaborating with Takashi Murakami. In January 2021, the Classic Fusion Takashi Murakami All Black was presented, a limited edition watch sold in just a few days. “It was after this success that we decided together with Takashi to offer a second version (the Classic Fusion Takashi Murakami Sapphire Rainbow, Editor’s note) in color this time.

This limited edition also sold out in a few days, says Ricardo Guadalupe, CEO of Hublot. NFTs were offered to holders of Murakami/Hublot watch models (respectively 200 and 200 copies) but they were issued in slightly higher numbers (216 and 108 units) so that they could also be acquired by drawing lots. “For the general public, we are raffling off 10 NFTs. 2 NFTs have been reserved for the “Hublotista” community. By already owning a Hublot watch, it was therefore possible to take part in the 2 draws and significantly increase your chances,” Hublot explains about the operation carried out on OpenSea.

Replica Birkin bags, the abuse that could be expensive

The two references of NFT Murakami Hublot appear under the same contract on Ethereum. They could be bought on May 31 at 50 ETH, or around 95,000 euros. This project does not depend directly on AURA. But to request his NFT, the authentication of the watch was done with a high technology, called Hublot e-Warranty.

Not all NTF experiences in the metaverse are so pleasing. Hermès initiated proceedings in January against the artist Mason Rothschild who launched without authorization the MetaBirkin project proposing several variations of the emblematic bag of the French saddler. The sale constitutes an infringement of intellectual property, he claims. Even virtual, Birkin bags are not within everyone’s reach. On OpenSea, all sales would have exceeded 1 million euros.

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Luxury brands are taking over NFTs

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